US EditionPublished • loading... • Updated
Canada Post says another bailout needed as it continues to bleed cash
Canada Post projects need for new short-term funding by early 2026 after exhausting a $1.03 billion federal loan amid record losses and parcel volume decline.
- Canada Post warned it will need fresh financing by early 2026 as the $1.03 billion federal loan will be 'fully utilized' by Dec. 31, requiring short-term funding to maintain solvency.
- The bargaining saga has led to labour disruptions and collapsing parcel revenue, with parcel revenue down 40% to $450 million amid a decline of 27 million pieces, according to reports.
- Canada Post reported a $541 million loss in Q3 and expects to lose up to 30,000 employees over the next decade, with plans submitted to Ottawa.
- The bargaining saga has stretched past two years as Federal Procurement Minister Joël Lightbound unveiled in September a suite of changes, including adjusting mail delivery standards, closing rural post offices, and expanding community mailbox service.
- The scale of losses suggests Canada Post's future viability is uncertain as parcel revenue declines amid labour disputes, with the $1.03 billion loan expected to be 'fully utilized' by Dec. 31.
Insights by Ground AI
26 Articles
26 Articles
Canada Post says another bailout needed as it continues to bleed cash
Canada Post reported the highest quarterly loss in its history Friday, as the beleaguered mail service contends with stiff competition for parcel delivery and disruptions from an ongoing labour dispute.
·Toronto, Canada
Read Full Article
The Crown company reported the "most important quarterly loss in its history" on Friday.
·Montreal, Canada
Read Full ArticleCoverage Details
Total News Sources26
Leaning Left16Leaning Right0Center5Last UpdatedBias Distribution76% Left
Bias Distribution
- 76% of the sources lean Left
76% Left
L 76%
C 24%
Factuality
To view factuality data please Upgrade to Premium
